Q: How difficult is it to purchase an investment property? A: With the right education it’s actually much simpler than one may think. However, this must be done with a very good idea of the parameters involved.
Q: What is a typical percentage of the overall investment price tag required from me? A: Only 20%.
Q: Can you view property prior to purchasing? A: Yes.You can always view the property from the exterior, and a majority of the time viewing the interior is an option. Again, with research and knowledge there is more flexibility.
Q: Can we back out of the property post purchase if we don’t like it or change our mind? A: No. It’s all yours!
Q: Can the ‘real owner’ buy the property back after it’s been foreclosed? A: There is a 7-day ‘Right of Redemption clause that exists. However, there is less than 1% chance of that. In the event that a prior owner took advantage of this clause, you would be refunded what you purchased the property for plus anything additional you have invested.
Q: Can we inspect the property prior to purchase? A: Yes, if you have the time available prior to the auction or purchase. Typically this would be a visual inspection.
Q: Is there a guarantee about that the property will be sold for the price estimated prior to beginning a turn & flip project? A: Generally there is an ideal price range we’re targeting to sell the property for following repairs when it goes on the market. If the repairs and renovation is done correctly and no corners are cut our pricing estimates are typically very accurate, if not on the lower side. We believe that ‘the best house on market for best price’ will attract multiple offers, many times resulting in bidding wars that sometimes escalate above ‘asking price’.